SOLAR SHINGLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Regional Analysis

To learn more about this report, Request sample copy

Dominating Region: Asia Pacific

Asia Pacific is set to dominate this market in 2024, capturing 38.7% of the market share. This growth is fueled by supportive government policies, tax incentives, and rebates for solar adoption. Additionally, major manufacturer such as Jinko Solar Holdings have set up production hubs in the region to meet rising local demand.

Fastest-Growing Region: North America

North America region exhibits the fastest growth, led by the U.S. and Canada. Aggressive targets for solar capacity additions coupled with rapid urbanization are driving strong momentum. Local manufacturers are gaining grounds with improving technological capabilities and cost competitiveness.

Solar Shingles Market Outlook for Key Countries

Incentives and Innovation Propel Market Growth in the U.S.

The U.S. solar shingles market continues to grow on the back of state-level incentives and climate change initiatives that prioritize clean energy. Major brands like CertainTeed and Owens Corning are developing innovative product lines tailored for the residential segment. The U.S. leads in solar shingle adoption, propelled by favorable government incentives and a strong emphasis on renewable energy.

China's Solar Shingles Market Thrives on Renewable Energy Policies and Innovation

China's solar shingles market is rapidly growing, driven by the country's energy transition policies and focus on renewable energy development. Domestic companies like Trina Solar and JinkoSolar are becoming globally competitive through ongoing investments in R&D. The market expansion is further supported by significant investments in renewable energy and government initiatives that promote sustainable practices, all aligned with China's commitment to reducing carbon emissions and improving energy efficiency.

Japan Leads Asia Pacific Solar Shingles Market with Innovation and Sustainability

Japan continues to lead solar shingles sector with robust demand from the commercial and industrial sectors. Panasonic and Kyocera have established strong brand positions over the years by providing reliable, aesthetically-pleasing solar roofing solutions. Japan is witnessing growth in the solar shingles sector, supported by government policies encouraging renewable energy integration and a focus on energy efficiency. The market benefits from technological advancements and a cultural emphasis on sustainable living.

India's Solar Shingles Market on the Rise: Infrastructure Goals and Government Initiatives Pave the Way

India's Solar Shingles market is poised for significant opportunities as solar energy features prominently in the nation's long-term infrastructure goals. Emerging companies like Vikram Solar and Waaree Energies are ramping up capacities to tap into the country's huge growth potential. The government's initiatives, such as the National Solar Mission, aim to achieve significant solar energy capacity, presenting substantial opportunities for the adoption of solar shingles.

Canada's Solar Shingles Market Gains Traction: Sustainability and Innovation Power Growth

In Canada, the adoption of solar shingles is gaining momentum, driven by the country's commitment to reducing greenhouse gas emissions and the public's increasing interest in sustainable living. The market for solar shingles is expanding steadily, with several innovative companies offering Canadian homeowners a variety of options. For instance, Tesla has made its Solar Roof available in Canada, combining solar and non-solar tiles to meet the energy needs of each home.